Is Cleveland, OH a buyer’s or seller’s market?

Housing Market Conditions

Neutral
Market

Seller's
Market

Gauge showing Cleveland is a seller's market

Buyer's
Market

Difference Since September 2023

Since last year, Cleveland has remained a Seller's Market.

Key Takeaway

Cleveland is a Sellers Housing Market, which means prices tend to be higher and homes sell faster.

Housing Prices in Cleveland, OH

How much do homes in Cleveland, OH cost?

Median Sold Price

$162,897

$99/sqft

Based on all homes sold in the last 12 months.

Difference Since September 2023

+$7,886(+5.1%)

Key Takeaway

Homes in Cleveland have sold for 5.1% more than they did a year ago.

Summary: The median home sold price in Cleveland was $162,897 in September 2024, up 5.1% from last year, and the median price per square foot was $99.

Median Sold Price By Bedroom Count

# BEDSSep 2023Sep 2024CHANGE
1 $91.5K$96K
+4.9%
2 $134.9K$139.2K
+3.2%
3 $159.9K$170.4K
+6.6%
4 $155.9K$159.9K
+2.6%
5+ $162.7K$162.7K
0.0%

Summary: Cleveland housing prices by bedroom type for September 2024 compared to the previous year: The home price of 1 bedroom homes increased by 4.9%, 2 bedroom homes increased by 3.2%, 3 bedroom homes increased by 6.6%, 4 bedroom homes increased by 2.6%, and 5+ bedroom homes did not change.

Median Sold Price Compared To Nearby Cities

Brooklyn
+13.3%
Newburgh Heights
+7.8%
Cleveland
+5.1%

Housing Supply in Cleveland, OH

How many homes are available in Cleveland, OH?

Number of Homes For Sale

Aug 2024Sep 2024CHANGE
3,1503,133-0.5%

Summary: The Cleveland real estate market had 3,133 homes for sale in September 2024, a 0.5% decrease compared to August 2024.

Homes For Sale By Bedroom Count

# BEDSAug 2024Sep 2024CHANGE
1 3136
+16.1%
2 349350
0.3%
3 1,4331,417
-1.1%
4 876877
0.1%
5+ 461453
-1.7%

Summary: The Cleveland housing inventory by bedroom type for September 2024 compared to the previous month: The inventory of 1 bedroom homes increased by 16.1%, 2 bedroom homes increased by 0.3%, 3 bedroom homes decreased by 1.1%, 4 bedroom homes increased by 0.1%, and 5+ bedroom homes decreased by 1.7%.

Number of Homes Sold

Aug 2024Sep 2024CHANGE
793662-16.5%

Asking Price vs. Sold Price

326 Homes Were Sold
Under Asking

101 Homes Were Sold
At Asking

235 Homes Were Sold
Over Asking

Asking vs Sold - buyer

Key Takeaway

If you're buying a home in Cleveland, you may be able to get a good deal. 49.2% of homes here sold below asking price last month.

Summary: A total of 662 homes were sold or pending in Cleveland in September 2024, down by 16.5% month-over-month. Of the 662 sold homes, 49% were sold under asking, 15% were sold at asking, and 35% were sold over asking.

Days on Market for Cleveland, OH

How long does it take to sell a home in Cleveland, OH?

Average Sale Time

Sep 2023Sep 2024CHANGE
33 Days35 Days+5.4%

Summary: Homes in Cleveland had an average of 35 days on market in Sep 2024, up by 5.4% compared to last year.

Breakdown of Home Sale Times

399 Homes Were Sold
Under 30 Days

204 Homes Were Sold
In 30 - 90 Days

59 Homes Were Sold
Over 90 Days

Breakdown of Home Sale Times

Key Takeaway

Many homes in Cleveland are selling fast, if you're buying plan to act quickly.

Summary: During September 2024, 662 homes were sold in Cleveland; 60% of homes were sold within 30 days, 31% of homes were sold within 30 to 90 days, and 9% of homes were sold over 90 days.

Housing Market Reports are calculated by Rocket Homes Real Estate and based on information from the MLS.

Report Updated 21 Days Ago

Newest Listings in Cleveland, OH

Nearby Markets to Cleveland, OH

What housing markets are near Cleveland, OH?